Spykar on a retail expansion spree

Domestic denim brand Spykar Lifestyle has undertaken a retail expansion plan that includes at least 400 store openings by 2020. The company is also chasing a revenue target of Rs 1,400 crores from Rs 180 crores reported in 2014-15.

After non-resident Indian businessman Apurv Bagri acquired a controlling stake in the company, Spykar has been working on rebuilding its efficiencies affected post economic downturn in 2008-09. Retail expansion is a part of this restructuring exercise. After pulling shutters on its non-performing stores, the company now plans to have at least 201 stores by the end of this year.

Spykar also anticipates over 30 percent rise in its revenues in 2015-16 and is looking forward to achieving a target of over Rs 250 crores. It may also consider acquiring other brands and plans to invest about eight percent of its revenue on marketing and branding activities. The company also expects online sales to contribute around six percent sales of its total sales in 2015-16.